Bill > S1835

This bill seeks to mitigate the impact of "snowbird" relocation, which refers to the seasonal migration of retirees to warmer climates. The key provisions are: 1. It amends the existing estate tax law in Massachusetts to increase the exemption threshold from $1 million to $2 million for decedents dying after December 31, 2020. This change is intended to provide tax relief for retirees who may be relocating to other states. 2. It requires the Department of Revenue to develop an updated rate table for the calculation of the estate tax, taking into account the increased exemption. The department must also make recommendations to the legislature on implementing regular increases to the exemption amount, while ensuring the changes are revenue-neutral. The overall goal of the bill is to mitigate the financial impact of "snowbird" relocation by providing estate tax relief for retirees in Massachusetts.

Budget and Finance

https://malegislature.gov/Bills/192/S1835